Category: Auto Insurance

Owning a car in Rio Rancho, NM is a necessity. When you own a vehicle, you are also required to adhere to the laws of the state regarding auto insurance. In New Mexico, the state requires that you carry liability insurance. Drivers must carry $25,000 per person for injury or death up to a max of $50,000 for two or more persons and additionally $10,000 for property damage. This is basic auto insurance. You are a driver, and if you have questions, the team at the Franklin Insurance Agency has answers.

What other auto coverage options do I need? 

If you have an auto loan or a lease, you will be required to carry collision and comprehensive coverage. While basic liability insurance protects other drivers from damage that you are responsible for, it does not cover your vehicle. Lenders and leasers want your vehicle to be protected since that protects their investment in you. 

Collison

Collision coverage is the insurance that helps to repair damage to your vehicle. When you have an accident and are at fault, you will need to fix your vehicle yourself if you do not have coverage. If you don’t have a collision policy, that repair comes out of your pocket. If your pocket is not deep enough to handle that sort of a hit, collision coverage is something that you need. You will have to pay a deductible, and depending on the value of the vehicle, the coverage may not be enough to replace the vehicle.

Comprehensive

Comprehensive insurance covers damage to your vehicle from something other than another car. Some of these include weather events like wind and hail and from damage or loss caused by other humans such as vandalism and theft. Glass coverage is also part of comprehensive insurance. 

At Franklin Insurance Agency in Rio Rancho, NM, our team of agents is here to help you to decide exactly what types of coverage is right for you. Give us a call or stop by our office for a no-obligation quote. 

Car owners who live in Rio Rancho, NM who have questions about whether or not their car insurance covers other drivers can call the agents of Franklin Insurance Agency. The agents have the knowledge and experience to be able to answer any questions concerning who is covered under a specific type of auto insurance policy. They can also advise you about upgrading your policy if your individual needs have changed over time.

Regular Drivers

When you purchased your auto insurance policy, you were asked who would be driving your vehicle. While these are your regular drivers, there may be a time when you allow someone else to drive your vehicle. In these types of situations, it’s a good idea to write a note that states you have given them permission to drive your car. This, however, doesn’t guarantee that they will be covered by your insurance policy. Their policy may be required to cover any accidents that may occur.

Each Company Is Different

Every insurance company is different when it comes to covering additional drivers. You may be required to call in and notify your agent if you are willing to allow someone else to drive your car. Before letting anyone else behind the wheel of your vehicle, contact your agent to find out who will be covered if anybody.

In Rio Rancho, NM, the agents at Franklin Insurance Agency can go over your policy with you and let you know who is allowed to drive your car under your particular auto insurance policy. If you have any questions or concerns, don’t hesitate to call the office and talk to one of the agents.

Although every motorist is required to purchase an auto insurance policy, it seems that very few fully understand the ins and outs of the car insurance sector. For residents of Rio Rancho, NM, the following is 4 little-known facts about car insurance you should know.

Lost/Stolen Items

While many policies will provide at least some form of financial compensation if your vehicle is stolen, this does not apply to the belongings you keep in your vehicle. No matter how much the items are worth, if your car is stolen, you will likely take a loss on any belongings that were left in the vehicle.

Occupation Matters

On another note, you may not realize this but your job can also impact your car insurance premiums. For instance, teachers are considered to be lower risk than many other professions, so they are often afforded a discount.

Credit Scores

On the other hand, your credit score can also affect the cost of the premium. Since studies have shown that there is a link between your credit score and the likelihood that you will file a claim, your premium is likely to be more if you have a lower credit score.

Low-Risk Vehicles

Furthermore, low-risk vehicles can earn you lower premiums. For instance, vehicles that have good safety equipment or are less likely to be stolen will often have lower premiums.

For help with your car insurance questions, contact Franklin Insurance Agency. A premier insurance company located in Rio Rancho, NM, contact Franklin Insurance Agency today to find out how you can get your car insured and hopefully save some money in the process.